On Track Innovations Ltd. (OTI), a vendor of near field communication (NFC) and cashless payment solutions, launched on Tuesday its PayEnabled device –the Ring of Things. The sterling silver and onyx designed ring is a payment device packed with the latest Internet of Things (IoT) technologies including secure payment, gyro-based motion control and smartphone notifications.
The wearable payments market is forecast to grow at 177 percent per year between 2015 and 2020, accounting for an annual $500 billion worth of transaction volume by 2020, according to Tractica.
PayEnable simplifies the difficult and costly processes manufacturers face when trying to independently set-up secure payment systems for their products. PayEnable also deals with the technical and regulatory pain points, making it ideal and cost effective for manufacturers who want to enter the booming wearables market.
PayEnabled products like the Ring of Things are feature rich and can support a variety of applications, including cashless payments, closed-loop payments, loyalty and reward programs, gift cards and even advanced features like in-store promotions, and brand authentication (anti-counterfeit).
The Ring of Things is a vivid example of OTI’s PayEnable platform’s versatility in turning ordinary products into the latest and coolest smart payment devices. Industries that can benefit from using PayEnable technology include jewelry, fashion, automotive, banking, travel, smart home and entertainment.
A tiny computer platform integrated into the ring accurately senses motion and wirelessly transmits in real time either raw or processed data to any external device. This allows the Ring of Things to communicate with other smart devices such as handheld devices, smart TVs, virtual reality headsets, etc. enabling natural and seamless motion control for payments, gaming, entertainment, and fitness.
OTI collaborated with UK-based DigiSEq whose Provisioning as a Service platform provided OTI complete control over the processes and allowed secure provisioning of The Ring of Things in the manufacturing facility.
The collaboration with DigiSEq provides OTI’s clients with the ability to provision their PayEnabled products in their manufacturing facility or in the stores – cutting costs and delivering flexibility.